According to Mehmet Yılmaz, the President of Turkey’s Miners’ Association (TMD), the market worth of Turkey’s untapped gold reserves stands at an estimated $300 billion.
Yılmaz disclosed that studies indicate Turkey holds a potential of approximately 6,500 tons in gold reserves. “Of these reserves, we have identified locations for 1,500 tons and have commenced extraction. The remaining 5,000 tons lie underground, awaiting discovery,” he remarked, emphasizing the market value of these untapped reserves.
Turkey’s gold mining sector currently boasts an annual production capacity of 35,000 tons, with the country importing between 160 to 170 tons of gold per year, Yılmaz reported.
In 2023 alone, gold imports tallied up to $31 billion, while exports of the precious metal generated revenues amounting to $12 billion, he noted.
Looking ahead, Yılmaz outlined ambitious goals for the industry, aiming to ramp up production to 50,000 tons in the near term, with a long-term target set at 100,000 tons.
Gold plays a pivotal role in both Turkey’s foreign exchange and current account deficits. The Central Bank’s recent statement on June 10 revealed that excluding gold and energy imports, the country’s current account showed a net deficit of $497 million, despite an overall deficit of $5.29 billion in April.
Beyond gold, Yılmaz highlighted that Turkey’s total mining reserves, encompassing gold, nickel, thorium, boron, coal, and trona, are estimated to be valued at $3.5 trillion.
The TMD President stressed the necessity for an independent oversight mechanism within the mining sector and called for the establishment of clear inspection standards to ensure industry transparency and accountability.
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